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Can I open multiple savings accounts with the same bank?

Support your financial goals across more than one account.

Tim Falk
Tim Falk

Updated

Fact checked

If you’re saving toward multiple goals, you might find it hard to keep on top of them in a single savings account. One way to organize your goals is to open a savings account for each.

Most banks and credit unions allow you to open more than one savings accounts, providing an effective way to streamline your finances with easy access among them. However, you’ll want to carefully read the terms and conditions of your accounts to avoid surprises down the road.

Editor's pick: American Express® High Yield Savings

  • 0.60% APY
  • No monthly fee
  • No minimum balance

Editor's pick: American Express® High Yield Savings

Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.

  • Around-the-clock online and phone support
  • No fees to hassle with
  • FDIC insured
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Read full review

What are the benefits of multiple savings accounts?

  • Easy goal management. Multiple accounts can help you better organize saving toward more than one goal — for instance, an account for your next vacation, one for an emergency fund and another to help pay for your kids’ education.
  • Prioritization. When you only have one savings account, you might end up prioritizing just one of your savings goals. All your hard-earned cash goes into one account for one goal, which means you may not be putting any money aside to achieve your other financial goals.
  • Recurring withdrawals. Most savings accounts limit transactions to six a month. With multiple accounts in your name, you can withdraw money from each account without exceeding limits, which is a more effective way to pay for recurring bills.
  • Features. Savings accounts offer perks that vary by account type. In addition to an everyday savings account for monthly bills, you could open a CD to lock away money over a term for higher interest.

What are the disadvantages to multiple savings accounts?

Whether you stick with the same bank or open accounts across institutions, potential drawbacks include:

  • It can get confusing. Multiple accounts can help simplify your savings, but they can also muck up the process if you’re having to keep track of too many. Make sure you can handle this approach before adopting it.
  • Minimum balance requirements. If you spread your funds across multiple accounts, you might struggle to meet the minimum monthly balances for a few of them. Similarly, if you open an account that offers tiered interest — a higher interest rate on higher balances — you could miss out on the maximum available rate by moving your funds into other accounts.
  • Extra fees. More bank accounts can result in more fees, if you’re not careful. Mounting costs can quickly eat into your savings.

Compare savings accounts

Take a quick look at these four savings accounts from different banks or use the table below to compare accounts with the features you’re looking for.

American Express® High Yield Savings logo

American Express® High Yield Savings

★★★★★
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$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
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More Info
Axos Bank High Yield Savings
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
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More Info
Aspiration Spend & Save Account
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
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More Info
CIT Bank Money Market
CIT Bank Money Market
0.55%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
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More Info
SoFi Money
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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More Info
Chase Savings
Chase Savings
0.01%
$5 per month
(can be waived)
$0
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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More Info
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Compare up to 4 providers

How many savings accounts do I need?

It all depends on your financial circumstances and goals. Multiple accounts can make balancing several short-term and long-term savings goals easier. If you receive income from multiple sources, you may find it easier to transfer payments from each source into separate accounts to save toward specific goals.

But if you’re organized, able to prioritize goals and have no problem keeping track of your money, one savings account could be all you need.

Will the FDIC deposit insurance apply to all of my savings accounts?

Your deposits of up to $250,000 are protected as long as they’re held in a bank or other financial institution insured by the FDIC. If your balance across accounts held at one institution exceed $250,000, you’re protected for $250,000 only.

To maximize the FDIC’s insurance, consider depositing your funds at another institution after you hit the $250,000 limit. Also, because limits are per account holder, you can put one of your accounts in your spouse’s or another beneficiary’s name to insure your balances beyond the limit.

Learn about FDIC deposit insurance and how you can increase your coverage

Can I stack new account signup bonuses?

Banks and financial institutions often offer incentives — gifts, higher interest rates or other bonuses — to stand out from competitors, though nearly always with restrictions.

For instance, most banks allow only one bonus offer per person, and current customers are typically excluded. Which means if you’ve already got an account with a bank, opening another to get that bank’s bonus offer typically won’t work.

Many financial institutions also limit how many accounts of one type you’re able to sign up for. For example, you may be allowed only one high-interest savings account.

Bottom line

As long as you’re earning interest and growing your savings, it doesn’t matter how many accounts you have. But multiple accounts can be a way to streamline and organize your goals.

When weighing savings accounts, compare interest rates, fees and features to find the best you’re eligible for.

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